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greece would have a worse depression than the great depression in the u.s. >> brown: a player in campaign politics, but what of the current debt debate? we talk with tea party ally, matt kibbe. >> warner: and as e.p.a. chief lisa jackson steps down, we assess the track record of the administration's environmental agency. >> brown: that's all ahead on tonight's "newshour." >> major funding for the pbs newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. >> and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> warner: five days and counting with plenty of tit-for- tat charges, but no agreement in sight. that, in short, summed up the state of affairs in washington today as the fiscal cliff deadline loomed, january
; the impact of austerity in greece; the tea party and the fiscal cliff and the administration's environmental record. but first, the other news of the day. here's kwame holman. >> holman: wall street was down much of the day, but trimmed its losses after news that the house will convene sunday to focus on the fiscal cliff. in the end, the dow jones industrial average shed 18 points to close at 13,096. the nasdaq fell four points to close under 2,986. also today, the labor department reported the number of new claims for unemployment benefits fell this week to the lowest level since march of 2008. president obama is urging dockworkers and shippers to avoid a crippling strike at atlantic and gulf coast ports. it would be the first since 1977. the workers' union contract expires this weekend, and a white house spokesman said today the two sides need to agree on a contract extension as soon as possible. talks broke down last week in a dispute over wages and royalties. the christmas season storm that blasted the south and midwest swept across the upper northeast and new england today and the death
't want to become greece or france or one of these stagnant slow growth welfare states. think evidence is very clear that fiscal policy does matter for an economy's performance. doesn't mean we have a recession if taxes go up but it does mean that government will be bigger and our growth rate in the long run maybe instead of 2.7, it is 2.6. that doesn't sound like much but because of compounding it adds up. adam: dan, i don't think there is any danger we become greece or france in a lot of ways. we're not a socialist country yet and greece is a whole different ball of wax. rich, the discussion about the economy, the spending cuts that they're talking about do put people out of work and that would have a negative effect on the economy, would it not? >> it would, adam. real quick, a bit of news here. president obama will deliver a statement at 4:45, something i imagine we'll cover live here on fox business. adam: we will. >> 5:45 president obama deliver as statement here at the white house. as far as spending cuts are concerned, you see this argument, you typically hear republicans say,
friday its newest ipad and ipad mini will hit stores there too. >> susie: greece is one step closer to getting $57 billion in bailout loans. german lawmakers approved the deal reached earlier this week. greece agreed to measures that will drastically reduce its debt over the next seven years. european stock markets and the euro rose on the news. here on wall street, tom, a neutral day on most people here, investors here feeling anxious over the gridlock on the fiscal cliff. the last day of trading for november kind of wimped out. >> tom: yeah, not a lot of price action. lots of volume, though, to end the month, lots of trading volume, but not a lot of price movement here. let's go ahead and take a look at the market focus with the major indices this friday. the major stock indices ended essentlly changed today even with the rhetoric out of washington. the s&p 500 spent most of the session in the red after the disappointing drop in consumer spending. the index finished with a fractional gain. trading volume spiked at the end of the month. 1.2 billion shares on the big board. just und
greece or getting out of debt. this deal won't affect the debt situation. it will be a political victory for the president and i hope we will have the courage of our convictions when it comes time to raise the debt ceiling to fight for what we believe in asp republicans. but hats off to the president, he won. >> chris: you don't think some of the more conservative colleagues will filibuster or set up a procedural road block? they will vote to avoid going over the cliff? >> no, but if mcconnell can't get 60% of us to vote for this deal it will be hard for boehner to get it through the house. i will want to vote for it even though i won't like it because the country has a lot at stake here. >> chris: is senator graham right? will we get a deal? >> i think he is partially right. yesterday 2.1 million americans lost extended unemployment insurance and from this point on it is lose, lose. my big worry is a contraction of the economy, the loss of jobs which could be well over two million in addition to the people already on unemployment. i think contraction of the economy really would be just
accomplished little in terms of not becoming greece or getting out of debt. this deal won't affect the debt situation. it will be a political victory for the president and i hope we will have the courage of our convictions when it comes time to raise the debt ceiling to fight for what we believe as republicans. hats off to the president. he won. >> the time has come really to measure the absence of a deal plus against a deal and i think both of us come down that we have to solve this immediate situation. the danger to our people, to our military, to our nation's security, to our economic base is just too great not to have a solution. so you know, what makes this government work is compromise and it is when you don't compromise there is stasis. we had enough of that. >> joining us s chris wallace, anchor of "fox news sunday." good morning, chris. >> good morning. >> how could lindsey graham say it is a win for the president even though this does not deal with the out of control spending a $16 trillion plus budget deficit when the politicians in washington are taking little band aids when th
the country from becoming greece. >> that was republican senator lindsey graham laying the blame for the fiscal cliff failure on president obama. democrats think otherwise. let's bring in karsz bass. thanks for being here. >> thanks for having me on. >> is there a chance the economy could fail on the extent of the greece economy. >> i was very optimistic on wednesday. on thursday when boehner could not get the votes from his own caucus for his own deal that definitely left me concerned. this is so reminiscent of last year the payroll tax cut where the house gop kind of fell apart and the leadership had to come from the senate so i think that is probably the case. >> republicans say the president has not been willing to compromise. republican congressman from ohio on cnn this morning said the president has to act on spending before there can be a deal. let's listen to that. >> where the president has not been serious is the other side of the equation. he is all about taxes and has this mandate on taxes but the spending cuts, the need to get us out of this mess, he hasn't been seri
anymore, obama's health care tax. the only thing you left out of that wrap is just like greece. >> the first time an attorney general to be held in contempt. >> and the vote that the house republicans want is a political vote. >> they played a bad hand, right now it's going to be a witch hunt. if you get more then it becomes intervention. >> the water has just now breached over the sand dunes. >> hurricane sandy a superstorm meteorologists are calling a once in a lifetime occurrence. the whole coast is devastated. >> the number of ambulances to move these children is remarkable. >> and lost homes in many forms-- ♪ ♪ >> andrew breitbart died this morning, he was 43. he was a publisher, an activist and a commentator, but that says almost nothing about this force of nature. he was a big kid who treated his opponents like humans. it was never about people, it was always, always about principles. . >> the u.s. has just evacuated all personnel from benghazi to tripoli. >> this was something that was a concerted effort, well organizationed, heavily armed. >> you have the america
and greece. it is not a pretty scenario. >> tell me this what happens when we judge up against it? >> everybody starts wondering when we are going to raise the debt ceiling. there's a debate because they don't like to. then you have all of wall street looking at this wondering if we will be able to pay our bills. you remember what happened last time around the market sold off 2,000 points over the 2 month period. it was dramatic and hurt people's 401 k's. if you can't pay your bills you get a downgrade. >> again. >> it's not going to be good news. you know what happens you can't borrow as much money. >> that's what happens to me. >> it costs you more to borrow. all of us coming together it will be -- it could be we would be watching none of this would come to a surprise fell off the market every single day. they know what's happening. they know what's going on. it's not a surprise but nobody likes to see it. >> when they raise the debt ceiling is that to pay off debt already accrued. >> the money is already out the door. that has been spent. that is money we spend on other things.
it a recession with 25 percent unemployment in spain, greece. things are getting worse everywhere. the austerity measures, what austerity measures? i got one. make a story. i'll make a bad bet. i don't want to take my losses. of take the money from you, mr. citizen. of tax you more, cat your services. what you do did you will pay more for my note that your pension and benefits. tom: how does all this in? we wind up with pitchforks? >> it's happening now. they don't call it class warfare. that is what is going on over there. again, there is no air spring. there's nothing about a pro-democracy movement. far too few had much too much and way too many head was too little. the people in the street that one piece of the pipe command it's going on around the world. and for some reason people are oblivious to it. look in this country, college graduates, the income is declining eight or 10% since the recession. you can't find a job. 3 percent of them have jobs paying high-school wages. so you're right. it's not getting better, and again, we have the incompetence in washington making things worse. tom: bu
a greece, too extreme, but i would say italy. holy irresponsible for any republican member of the house of representatives to vote for the package that mitch mcconnell is negotiating on their behalf without their leaders present. it is a ridiculous package. it does not work, and it will solve our long-term debt problems. gerri: i never have to guess at what you think. you are always clear isabela and entertaining. thank you for coming out tonight. have a great new year. >> happy new year. gerri: no votes in the house tonight. meanwhile, we go off the cliff tomorrow. it does not applicable be a happy new year. our political panel place the blame game next. ♪ [hip-hop music] ♪ - ♪ what's wrong with the world, mama ♪ ♪ people livin' like they ain't got no mamas ♪ ♪ i think the whole world's addicted to the drama ♪ ♪ only attracted to the things that'll bring the trauma ♪ ♪ where is the love - ma'am. - [gasps] - you forgot your purse. - oh. thank you. thank you very much. gerri: fiscal stiffed. that is of americans feel after congress failed to reach a deal on taxes an
saying the world was going to end because greece was going to default and leave the euro. it's all over. europe's fine. just give it a break. that was last year's story. [ overlapping speakers ] >> europe is not fine. spain is in significantly worse position. they've taken on more debt into deteriorating economy. you tell me how that translates to this has all been fixed and this is all solved. it's not solved at all. [ overlapping speakers ] >> spain has about the same debt to gdp ratio as germany. that good enough for you? >> [ overlapping speakers ] >> hang on, fellows. let's not get hung up on spain. what i want to come back to is the usa. because our market has not collapsed, it's really different than it looks like it was back in 2011. i just want to ask, is it better to own those low-rate bonds right now? or jim la camp, i want you both to weigh in quickly. is it better to own corporate bonds or treasury bonds during this tiff over the fiscal cliff, or is it better to own stocks? real quick. >> well, short term we're going to have a lot of gyrations. but those yields are under th
to become like greece. what's driving off the fiscal cliff make us look like? it makes us look completely irresponsible as if we can't control our own spending and put in order some priorities. >> so there will be some real health care suffering if we go off the cliff, so to speak? >> that's absolutely true. i would say the other important thing we need to do, we want to incentivize doctors an hospitals to keep people well. not to just do procedures. and that is the key to really transforming medicare. >> all right. i want to show you a map of the states that are refusing to implement the insurance exchanges. it's rather interesting. the other states are either implementing the exchanges or haven't decided to do that. if states don't decide to do it and the federal government comes in and sets up the exchange, isn't that kind of a win for the move toward universal health care someday because that infrastructure will be there? >> well, i think it provides people an option whether governors are refusing or not. that's the most important thing so they can get access to good insurance product
government out to operate. >> well, it didn't work that well in greece. not so positive in spain. these countries were deeply committed to your position. no tax increases. >> those states were bankrupted by their overspending. >> no one wanted to pay for it. >> the modern republican party wants less taxes and lower spending. they passed a ryan plan which reforms entitlements, reforms taxes, doesn't raise taxes. it's the democrats who don't have a legislative budget. >> make the case for why you view this the president making a truly balanced approach to not just solving this problem but really moving the economy forward. >> well, he has. and first of all, let's be clear. the way you get massive tax increases, $5 trillion tax increases, is if you go over the fiscal cliff. what the president has said, let's just ask higher income individuals to contribute a little more to reduce our deficit to prevent that from happening. the president has taken a balanced approach. look, we already entered into $1 trillion in cuts which we'll have to enforce and implement over the next 10 years, i
. my grandfather came here from greece. he opened a restaurant, the american dream. >> but he taught himself english. he taught himself to read the newspaper, and he became a very successful businessman. as he would say, only in america. youngstown was prosperous, and downtown youngstown was really prosperous. it was wonderful to go to downtown youngstown and be all dressed up in gloves and hat and going in and out of the shops and having lunch downtown. it was exciting. >> but that prosperity didn't last. youngstown ohio was the manufacturing backbone of this country but starting the late 1 1970s, the steel mill started to close, kicking this proud town in the gut. entrepreneur magazine named it one of the top ten best cities to start a new business. that's something that would have been unthinkable just a decade ago. >> it's a wireless device to allow students in the classroom to communicate with teachers. highly skilled, highly qualified people from a lot of good universities and colleges in the area, we were able to pick the best and brightest of for good paying technology jobs.
& poor's upgraded greeces bond rating, europe found a way to muddle through. and the world didn't end on december 21st. >> woodruff: compactedly. which was a lot of people were take very seriously. >> but the mayans maybe not terrific forecasters. >> woodruff: looking back at 2012, michael kberb beschloss, richard norton smith, thank you both. >> thank you. >> thank you. >> and again the major developments of this day, >> suarez: again, the major developments of the day, bargaining on a fiscal cliff deal continued, but house republican leaders opted not to vote on anything tonight. that meant the government will >> the house adjourned for tomorrow so the government is guaranteed to go over the fiscal cliff, at least for the moment. and doctors at a new york hospital announced secretary of state hillary clinton has a blood clot between the school and brain. but they said she's making excellent progress. we're capturing new year's eve celebrations around the world and you can be a part of kwame holman has the details. >> holman: we're tracking instagram with the hashtag "nye" to see how
the country from becoming greece, saving social security and medicare. >> so, what senator graham is essentially outlining is that this is sort of a bargaining chip that the republican party does have. the debt limit today, we reach it, but we can get about another two months before we truly go over. do you agree with that sort of strategy that the debt limit be used as a way to kind of leverage more on the spending side out of the white house and democrats in congress? >> personally, no. i happen to think that when your credit card comes due, you pay the bill, but i can understand the frustration of people like lindsey graham, who's an extremely responsible and very, very good senator, in my opinion, because he wants to get something done. and what we're seeing here is very little action on the spending side of the ledger. let's say that leader mcconnell and vice president biden reach an agreement today, which i certainly hope they will, but that agreement clearly is just going to be on the revenue side. the majority's going to be on the revenue side, and the problem is on the sp
broke. we'll go the way of greece, and the president hasn't moved off that. he's still playing politics with these issues, and frankly i think most of us now don't care who gets the blame. we're concerned about our economy and about our paychecks. >> richard, senate minority leader mitch mcconnell took to the senate floor this afternoon and said despite the setback all is not loss. >> there's no situation that remains an impossible sticking point. the sticking point appears to be a willingness and interest or frankly the courage to close the deal. i want everyone to know i'm willing to get this done. but i need a dance partner. >> you know, so richard, here we are talking about this blame game, and everybody is pointing their fingers at one another as we've been hearing all afternoon. what do you think that republicans are looking for here? >> i heard the same "meet the press" interview that terry did. i didn't hear the president casting blame. what i heard was the president talking the ways in which he's gone more than halfway to the republicans' position on taxes, on spending. i think
is $15,000 per person higher than it is in greece. so, we're not far from that position, and what we have to have is some realistic leadership that says let's think long term. everybody's going to have to sacrifice. there's not a problem we can't solve if we all work together, and we can do it, but everybody's going to have to have some pain. but let's think about the long term. let's quick thinking about the republican or democrat party. let's start thinking about the country. >> yeah. >> and that's what we're not seeing in leadership. >> michael -- >> everybody wants their own advantage, and so you hear all these sharp words coming out of different politicians about how bad the last guy is. what we ought to say is let's get the process moving. let's put it on the floor. why didn't we put -- you know, we wanted to put simpson/bowles on the floor. >> thank you. >> i want to see that. >> couldn't get it. >> michael, i know you're next. hold on one second, though. tom, senator, if the president showed up on capitol hill and rolled up his sleeves, would that make a difference? >> well, yeah,
greece, and we have a government that we're willing to pay the taxes for 65% of the cost of it. we need to change that. we need both, both-- we need to do both. >> o'donnell: i'm flawed brought thaglad you brought that up. we're not even there. we're just dealing with this little short-term patch that you can't even get an agreement on. what does that say about what's happened here in washington and a real lack of confidence among the american people that it the body you guys serve in is just broken? >> well, it is, and it needs to change. this conservative republican, this progressive carriage we both voted for it. we worked on this for three years. there is room for compromise and agreement. here's what we ran into the problem with. 40% of deficit reduction in the sim son-bowles came from additional revenue, 40%. when we said to speaker boehner you have to come up with revenue, he said i'll come up with a plan that protects those making less than $1 million. he couldn't silent republican caucus. the only way we deal with this cries and the deficit is on a bipartisan basis. this can't
way was didn't happen, at the end of the year standard & poor's upgraded greeces bond rating europe found a way to muddle through. and the world didn't end on december 21st. >> woodruff: compactedly. which was a lot of people were take very seriously. >> but the mayans maybe not terrific forecasters. >> woodruff: looking back at 2012, michael kberb beschloss richard norton smith, thank you both. >> thank you. >> thank you. >> and again the major developments of this day >> suarez: again, the major developments of the day, bargaining on a fiscal cliff deal continued, but house republican leaders opted not to vote on anything tonight. that meant the government will >> the house adjourned for tomorrow so the government is guaranteed to go over the fiscal cliff, at least for the moment. and doctors at a new york hospital announced secretary of state hillary clinton has a blood clot between the school and brain. but they said she's making excellent progress. we're capturing new year's eve celebrations around the world and you can be a part of kwame holman has the details. >> holman: we'r
very little in terms of not becoming greece. it's a victory for the president and i hope we have the courage of our convictions to fight for what we believe as republicans. >> peter, what the senator is saying is this doesn't really solve the problem of the debt we're building up. >> no, it doesn't. we have all heard taxing high income individuals more would only raise 5% of the deficit. another statistics that will break your eyes. if we raised everybody's income tax by 50%, we'd likely only cut the deficit in half. that should explain to everyone why it is imperative we finally do something about rapidly escalating entitlement cost but the president refuses to come to the table. nothing is fixed in my mind more than speaker boehner saying i've offered you 800 billion in additional revenue. what do i get in return? and the president said nothing. you also counted he won the election. i have got news, whether he won the election or not,let stats about the budget are neutral and nonpartisan and mr. boehner's republicans won an election too. he was elected president, not prime mini
the republican candidate but this country could become like greece. do you see that as a possibility? >> no. it is a profoundly different situation. i do see the possibility that we could have debt that would truly be harmful. the congressional budget office says if we stay on the course we're wrong, we will have a debt that is 230% of our gross domestic product over the next 20 years. most experts say, once you get a debt of more than 90% of your gross domestic product, that inhibits future economic growth. this is not just about numbers and a page. it is really about opportunities for people. whether you're going to be able to send your kid to school, some of the college, whether you're quite able to buy a car, buy a house, start a business and have it succeed. whether or not you're going to have economic opportunity for the people of the country. we know with the best academic research that has been done that if a country's debt it's too large in relationship to the size of its economy, the economy does not grow as fast. opportunity is lost. jobs are lost. there is a similarity to what i
, but which is what is going on in greece and spain and portugal. it leads to these unemployment rates of 20% in some of these countries. host: mr. bivens? guest: that is not what caused the debt in those countries. spain had a lower gdp debt ratio than we did. i think it shows they do not have an independent monetary policy. they cannot have an independent central bank that just prints money the way that we do. i think it is the un-wisdom of the currency union. there is no evidence that countries with bigger welfare states are in bigger trouble. with the previous caller, i totally agree. the skills of workers more unemployed is not much of to an employers. if there is was this unmet demand for skilled workers out there and employees had openings but there were not the right people, you would see wages spiking in all sorts of occupations. i do not see wages spiking in any sector of the economy right now. the idea that there is this diagnosis that, it is too bad you people are not employed, you people do not have the right skills, there is no evidence that is going on. host: jim on the republ
the world markets are watching and america may be on the verge of a disaster bigger than greece. senator shelby republican from alabama joins us live. thank you for coming in today. >> thank you. >> shannon: what do you make of where we are right now? because, you know, to hear that the treasury secretary went to the hill with the white house with the president's proposal and that republicans actually laughed because they didn't say it was believable, it sounds like we are nowhere. >> i think the real impasse. the clock is ticking. this is december. and we know what happens on december 31. but i believe the president is going to have to meet us at least halfway. if we could do this, we could do a lot of things. i think that speaker boehner, senator mcconnell want to do something. if the president is determined to have more taxes. more spending. and cuts later, that is not going to work with the republicans. if so, i hope we won't blink at the end of the day. >> shannon: i want to play a sound bite from a colleague, senator lindsey graham from south carolina. here is where he said about w
accomplished very little of not becoming greece. this won't affect the debt situation. it will be a political victory for the president and i hope we'll have the courage of our convictions when it comes time to raise the debt ceiling to fight for what we believe in. but hats off to the president. >> we have been talking to the republicans since the election has been over. they have had trouble to say yes to a number of repeated offers. >> so what kind of deal if any can we expect before the clock runs out? joining us for a fair balanced debate, tony is here, national political correspondent for talk radio news service and fox news contributor, jehmu greene former president of the women's media center. i wanted to start with senator graham's soundbite. if taxes are increased to top earners, i'll start with you. does it highlight the crux of the matter the fighting is about party politics and not the people? how do you see it? >> certainly the president is not walking around in a flight suited saying mission accomplished. this is not about a political victory for president obama but it's about
've accomplished very little in terms of not becoming greece or getting out of debt. this deal won't affect the debt situation heather: welcome back. investigators are examining the black boxes in the deadly plane crash in russia. amateur video capturing it on tape. now we're learning at least five people died and three others were badly hurt. the plane took off from an airport near moskow. it landed on a highway before breaking pieces and catching on fire. gregg: new videotape shoug house majority leader eric cantor arriving at capitol hill. he really didn't say much of anything. he was asked what's going on, is there a deal? he basically said, happy new year, happy new year, happy new year three times. and the senate is not convening until about 11:00 a.m.. it may not be officially reconvening but just meeting. that was the time that harry reid said it would happen. tony sayegh, former press aide to gop vice-presidential nominee jack kemp and national political correspondent for talk radio news service. kirsten powers, columnist for "the daily beast" and fox news contributor. questions te
rate increases, maybe not at 250, but upper rate americans. we accomplished little in not become greece. this won't affect the debt situation. it will be a political victory for the president and i hope we have the courage of what we believe is republicans. hats off to the president, he won. >> reporter: democrats would acknowledge this deal, if there is a deal is smaller in scope and won't do as much for reducing the deficit long term as both sides hoped. the real focus is to focus the most harm on people. not having everyone's taxes going up. there's a lot more involved in it. we have been focused on taxes. we hope to have something that gives a sense of are they close? will they get there? within a couple hours. >> a couple hours. we'll check in with you again. thank you so much. i want to bring in a fiscal policy reporter, laura montgomery as well as political writer for "the new york times," john harwood. you heard kelly mention some republicans weren't feeling the president's interview on "meet the press" this morning. they took issue with it. from that interview and what you saw
. but it's not working incr greece. i heard a great saying that says when time gets tough, everyone is a keynesian. turn off the tv. not c-span of course. but turn off the news channels that are just cramming this stuff, and get involved in this before you formulate an opinion. i think we would be voted into office smarter, better people that are not tea party extremists. how about if on the democratic side grover norquist had said never cut any spending? i'm going to sign a bill that says never cut and spending. grover norquist, here's a great example, he does not even believe in economic case multipliers. host: gary says -- guest: what's interesting about the last election cycles is we had under president bush and the end, democrats seized control of congress in big numbers. and we had the big democratic sweep with the white house in 2008. 2010, republicans came sweeping back. we've had a pendulum swing, very contractive time period. that's one of the factors. we have seen both sides really dug in because they don't know where the pendulum will swing in the next direction. host: f
to our problems so we don't end up in the situation europe is, or greece with riots, or france with a top 75% tax rate that's driving people offshore. >> the problem may be that paul ryan coming through with solid plans on the deficit issue, and ultimately didn't win the white house. is it possible to have the conversation with america get voted in, and then take action? >> personally, i think the ryan plan was an abomination, because it was so vague, that you can't tell whether it was a real plan or not. >> it was not vague. it was written down in the house budget. >> it is absolutely unspecified across all kinds of loophole closings and other things, which makes it filed under category of fiction for anybody that's ever worked in the united states senate. >> specifically it's written specifically in the path to prosperity. it was passed by the house. you can look at path to prosperity in google. you see many of the details. at least the house passed a budget, which the senate has not done for the past three years. the house has laid out solutions. also, laid out changes to the sequester
this country could be on the road to be more like greece if we did .ot get our arms around it the unemployment rate remains high. are you optimistic in the short term about our country's future. >> it is hard to be. i tried to be. if we can get this resolved, this fiscal cliff situation, and have a pathway to seeing the deficit be reduced, cannot do it overnight, if we can see there is a path, a trajectory of slowing down the growth of spending to the point you can see the deficit will ultimately go away over a reasonable time, people will start investing again, hiring again, and i spoke to a business group yesterday and asked if they havwould hire just because they get a tax credit for hiring people. they said no. if you see the deficit will go away and there is hope we are on the right path to fiscal sanity, will you then hired? yes. we will have markets for our products and services and then we will need more people. we are stuck right now because all we have done for a year and a half was kick the can down the road. i voted against the act a year- and-a-half ago because i predicted we woul
. but it's not working in greece. i heard a great saying that says when time gets tough, everyone is a keynesian. turn off the tv. not c-span of course. but turn off the news channels that are just cramming this stuff, and get involved in this before you formulate an opinion. i think we would be voted into office smarter, better people that are not tea party extremists. how about if on the democratic side grover norquist had said never cut any spending? i'm going to sign a bill that says never cut and spending. grover norquist, here's a great example, he does not even believe in economic case multipliers. host: gary says -- guest: what's interesting about the last election cycles is we had under president bush and the end, democrats seized control of congress in big numbers. and we had the big democratic sweep with the white house in 2008. 2010, republicans came sweeping back. we've had a pendulum swing, very contractive time period. that's one of the factors. we have seen both sides really dug in because they don't know where the pendulum will swing in the next direction. -- ekle
not become priests? it is interesting that we talk -- we do not become greece? it is interesting that we talked about the fiscal coordination have in the countries and to last come along and bail them out when they have not done what they're supposed to do? i do not know that we are that much different. we have a great panel. people thought are far smarter than i am. i will introduce them now. and then i will sit down and i did ask some questions to revival at the panel to keep their answers relatively short so we can run through a lot of questions and get out of here on time. we havealison -- we have ailson frasier, director of the institute for economic studies at the heritage foundation. as director, she oversees the heritage foundation research on a wide range of domestic, economic issues, including federal spending, taxes, the debt and deficit. before joining heritage in 2003, she was deputy director of the oklahoma office of state finance where she worked for governor. next, rudy penner, the institute fellow and the rj and francis miller chair in public policy at the urban institut
becoming greece and finally stop getting out of debt. i hope republicans will fight as hard on the debt ceiling as barack obama did on tax rate. uma: you call everything going on in washington right now dysfunctional. the american people are kwaeutinwaiting to see what is going to happen here. many people are frustrated and upset that once again we are at the 11th hour trying to get a deal done at a time when there was a lot of time before this to work something out. >> because the senate doesn't function any more. the house has passed three or four bills to avoid sequestration, to save the military from these cuts, to deal with the fiscal cliff. if you don't like the house's product bring it on the floor of the senate and let's change it. let's start being legislators instead of just a place where ideas go and die in the united states senate, it's embarrassing to me being the most deliberative body in the world and not be able to have a debate about how the fiscal cliff drama should end. we should have had the house bill on the floor months ago. harry reid blocks everything coming from
nothing other than, quote, this is a quote, damn us to becoming greece. patti ann: what would it mean if lawmakers fail to strike a deal? according to the tax policy center, 90% of the americans would see a tax hike in 2013. 121 million people would pay more in payroll taxes. families making between 40 and $65,000 a year would pay an extra two grand or so to the government. gregg: the big question, do lawmakers hope to get anything out of the last minute fiscal cliff talks or is it just for show? democratic congressman chris van hollen is the ranking member of the house budget committee. he will be joining us live coming up in the next hour what he really thinks is going on. patti ann: well the u.s. economy meanwhile could suffer yet another major blow. looming strikes at ports from next sass to boston are threatening to put thousands of americans out of work. with potential losses for u.s. businesses ranging in the billions. >> the port of baltimore is one of maryland's largest economic generators. any type of work action that may result in a suspension or stoppage of work would have
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